Market Recap - Shares Subdued Leading Into A Data Packed Week
On a key week with the FOMC, BoE and non-farm payrolls, the shares markets have started the week subdued. The Nikkei 225 traded lower by 0.73%, ASX -0.35% and Shanghai Comp. -0.49%.
Commodities markets also look weak overnight and the main laggard is the base metals. Copper trades 0.70% lower this morning and looks like it could head back to the previous wave lows in the coming days. Zinc has also struggled and is down 1.74% while nickel lost 0.31% overnight.
After dropping on Friday spot WTI trades flat this morning, global growth is hitting the liquid gold and strong demand cannot keep prices above $70/bbl at the moment.
Gold is having a hard time of late, this seems to be a continuous theme from week to week at present. From a technical standpoint, the low of $1211.75/oz is the closest support zone but it seems the market has the intention to test the $1200 psychological level.